Thailand’s SCBX Partners with Korea’s Hashed for Web3 Expansion

Thailand’s SCBX and Korea’s Hashed have declared a new partnership focused on R&D ventures that aim to enhance the acceptance of decentralized technology. This collaboration intends to spread both regionally and across the globe.

Simon Seojoon Kim, the CEO & Managing Partner of Hashed, expressed his optimism about the alliance, stating, “This partnership amalgamates the expertise of a reputable institution with the technological and philosophical foundations of Web3. I am confident that this partnership will significantly nurture the growth of the Web3 ecosystem, extending its influence not only across Southeast Asia but also on a global scale.”

Despite the prevalent skepticism surrounding crypto in Asia’s major financial establishments, SCB stands out for its heavy investment in the domain. Just last year, they unveiled a $50 million blockchain fund through their venture arm, SCBX. In contrast, their competitor, Kasikornbank (KBank), recently launched a more substantial fund, focusing on web3 and AI, valued at $100 million.

As the collaboration unfolds, Hashed will take the lead in trialing Web3 technologies using its research center, ShardLab. Chief Strategy Officer at UNOPND, Hashed’s Hojin Kim, who is tasked with managing the endeavor, highlighted the importance of this partnership in addressing business challenges in Southeast Asia. He remarked, “In Southeast Asia, the existing customers still face certain inconveniences in their regular lives; their banks are still not as advanced, and e-commerce platforms are still evolving. Thus, there’s more room for improvement in terms of digital transformation for retail customers in Southeast Asia compared to developed countries.”